Do I have to continue with the payments? Or can I keep the car with out having to finish paying it off since it was her car and she passed away.
2007-11-16 13:19:24 · 14 answers · asked by SingleLatinMan29 1 in Business & Finance ➔ Insurance
yes so long as it is in your name. When you are a cosigner, you are the other person responsible for it. I would try to get it refinanced out of her name or have you assume the loan. Talk to someone in finance at a car dealership. Maybe they can help you.
2007-11-16 13:23:38 · answer #1 · answered by healthspot_2000 4 · 0⤊ 0⤋
Unless she bought the life insurance to pay off the loan if she died, the debt remains. Her estate is now responsible for paying the loan. But if the estate doesn't pay, you are responsible. Here's where things get dicey. Are you named on the title as co-owner with right of survivorship? If you are, then the car is yours. If you are only on the title as co-owner, without mentioning survivorship, you are only entitled to one half of the car's value, even if you have to take over the payments. If she was the sole owner, her estate now owns the car and you have nothing but the responsibility to pay. You could put in a claim against her estate for any payments you make, but your claim will come behind funeral bills, taxes and any secured debt. If you were named executor of her estate, it's not a big deal. You would have the power, as executor, to sell the car, pay off the loan, and be done with it.
You should discuss this situation with an attorney. It could be a very simple matter, or it could get very messy.
2007-11-16 13:32:56 · answer #2 · answered by curtisports2 7 · 2⤊ 0⤋
Are you a co-holder of the car registration/title or just cosigner for the loan? What I'm getting at is who actually owns the car now? If your name is not on the ownersahip papers, the car may now belong to her estate.
2007-11-16 14:04:43 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You guaranteed the loan, but that doesn't give you ANY ownership rights.
Whoever her legal heirs are, get to keep the car. If she had a will, it's whomever she specified in the will. If she didn't, it has to go through probate, and her nearest relative will get it.
Meanwhile, YOU have to keep paying for the loan. That's what cosigning is - guaranteeing the loan, no matter what, with NO ownership strings attached.
Sorry about your loss.
2007-11-16 14:26:28 · answer #4 · answered by Anonymous 7 · 1⤊ 0⤋
If you cosigned then you remain obligated until someone pays in full.
The car passes to her heirs according to her will (if she had one) or state law (if she did not). If her estate pays off the loan, you are done. If her estate does not pay off the car loan, then you must.
2007-11-17 07:45:27 · answer #5 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Sorry to here of you loss. You cosigned so you have to finish paying for the car.
2007-11-16 13:29:14 · answer #6 · answered by Anonymous · 1⤊ 0⤋
If you co-signed, you are a co-borrower and the ownership of the car should revert back to you.
It may have been her car but YOU are equally responsible for the loan. You will either have to finish paying it off or sell it.
They will put a reposession against your credit if you don't.
2007-11-17 02:26:41 · answer #7 · answered by Expert8675309 7 · 0⤊ 0⤋
Sorry to hear about your girlfriend's death. If you cosigned the loan for her, you are still financially responsible for the car even if her name is on the title.
2007-11-16 13:27:32 · answer #8 · answered by ♪ ♥ ♪ ♥ 5 · 1⤊ 0⤋
loglog84, have you ever lately had something put in, like a stereo or another digital device, does the motor vehicle crank slowly once you start up it with a completely charged battery, have you ever checked to work out if there's a breaker or fuse it extremely is marked for the charging gadget interior the fuse container lower than the hood of your motor vehicle, have you ever looked as if it would see if the altenator belt is on and tight? i understand all of those might want to look like stupid questions, yet as a mechanic, they are all proper to the mission. 30 years in the past, automobiles I labored on had charging issues, yet were in a lot of circumstances clinically determined as another mission than the altenator. something stressed out backwards on a radio for instance, or the starter might want to correctly be going undesirable, causing the battery to be drained faster using further load of the starter dragging. a lot of todays automobiles have a breaker or fuse it extremely is certain for the charging gadget, if it really is probably a breaker, change the breaker from actual one of the different positions to work out if it would want to help your charging mission, notwithstanding, be careful of the only you employ, you do not favor to apply the only for your wipers, and then run right into a rain typhoon. yet previously you do something else, first verify the belts on the engine and with a tug on them make positive they are on and perfect tighted. you're suprised what number of human beings ignore this consumer-pleasant element (mutually with myself). If all else fails, take the altenator to a factors abode to have it examined. good success, and characteristic a impressive day!!
2016-10-24 09:10:42 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You would still have to pay for the car unless it was willed away to someone else, then they would be responsible for payments, but you would still be on as co-signer until it gets changed.
2007-11-16 13:27:54 · answer #10 · answered by the_vandalin 3 · 0⤊ 0⤋